UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2008
Commission File Number: 000-51606
VIMICRO INTERNATIONAL CORPORATION
15/F Shining Tower
No. 35 Xueyuan Road, Haidian District
Beijing 100083, Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
X
Form
40-F
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
No
X
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-
N/A
VIMICRO INTERNATIONAL CORPORATION
Form 6-K
TABLE OF CONTENTS
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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VIMICRO INTERNATIONAL CORPORATION
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By:
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/s/ John Zhonghan Deng
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Name:
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John Zhonghan Deng
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Title:
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Chairman and Chief Executive Officer
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Date: November 6, 2008
3
Exhibit 99.1
Vimicro Reports Third Quarter 2008 Financial Results
BEIJING November 5, 2008
Vimicro International Corporation (NASDAQ: VIMC), a leading fabless semiconductor company that designs and develops multimedia semiconductor products and solutions, today announced financial results for the third quarter ended
September 30, 2008.
Third Quarter 2008 Financial Results (Unaudited)
Net revenue in the third quarter of 2008 was $24.9 million as compared to $23.1 million reported in the second quarter of 2008 and $25.1 million in the third quarter of 2007.
Non-GAAP net income in the third quarter of 2008, which excluded $1.3 million in share-based compensation expense, was $0.3 million, compared to net income of $0.3
million in the second quarter of 2008 and net income of $1.9 million in the third quarter of 2007. Non-GAAP diluted earnings per ADS (each representing four ordinary shares) for the third quarter of 2008 were $0.01, compared with earnings per ADS of
$0.01 in the second quarter of 2008 and earnings per ADS of $0.05 in the third quarter of 2007.
Net loss in the third quarter of 2008, prepared in
accordance with U.S. Generally Accepted Accounting Principles (GAAP) was $1.1 million, compared with a net loss of $1.0 million in the second quarter of 2008 and net income of $0.3 million in the third quarter of 2007. Diluted loss per ADS was $0.03
in the third quarter of 2008, compared with a loss per ADS of $0.03 in the second quarter of 2008 and earnings per ADS of $0.01 in the third quarter of 2007.
For the third quarter, we reported revenue at the high end of our guidance range, which represented an 8 percent sequential increase, and significantly improved our gross margin, commented Dr. John Deng, Vimicros
Chairman and Chief Executive Officer. Our results were driven by an increase in shipments to our tier-one customers. We have also gained traction with our mobile application processors and expect shipments to smart phone manufacturers to
increase notably in the fourth quarter.
Deng continued, Current global economic conditions have resulted in a high degree of uncertainty in
the technology industry world-wide. However, Vimicros strong balance sheet, combined with our diversified customer base, product lines and end markets, as well as geographic balance, should allow us to manage through this period of economic
weakness successfully and emerge a stronger company well positioned for long-term growth.
Business Outlook
For the fourth quarter of 2008, Vimicro expects revenue to range between $22 million and $27 million.
Third Quarter 2008 Financial Results Conference Call and Web
C
ast
Vimicro will host a conference call and Web cast today, November 5, 2008, at 5:30 p.m., Eastern Time, to discuss the Companys third quarter 2008 financial
results. Investors and other interested parties may access the call by dialing 1-800-798-2801 (or 1-617-614-6205 outside of the U.S.), with the pass code 91545224, at least 10 minutes prior to the start of the call.
In addition, an audio Web cast will be available in the Investor Relations section of the Companys Web site at http://www.vimicro.com. Following the live Web cast,
an archived version will be available on the Companys Web site. A telephone replay of the call will also be available approximately two hours after the call and will be available until November 12, 2008 at midnight (ET). The replay number
is 1-888-286-8010 with a pass code of 68305572. International callers should dial 1-617-801-6888 and enter the same pass code at the prompt.
About
Vimicro International Corporation
Vimicro International Corporation is a worldwide leading fabless semiconductor company that designs, develops and
markets proprietary embedded multimedia signal processing chips and solutions that enable multimedia applications for mobile phones over 2.5G/3G networks and PCs over broadband Internet. Vimicros ADSs, each of which represents four ordinary
shares, are currently trading on the NASDAQ Global Market under the ticker symbol VIMC.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes,
estimates, confident and similar statements. Among other things, the quotations from management in this announcement, as well as Vimicros expectations and forecasts, contain forward-looking statements. Vimicro may also
make written or oral forward- looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vimicros beliefs and expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward- looking statement, including but not limited to the following: our limited history of achieving net
profit; our growth strategies; our future business development, results of operations and financial condition; our ability to develop and sell mobile multimedia processors that meet changing consumer preferences and industry standards; decrease in
the demand for our notebook and PC camera multimedia processors and third-party image sensors which we bundle with some of our PC camera multimedia processors; that multimedia opportunities associated with the 3G build out in China will make a
significant contribution to our longer-term growth; our ability to increase our penetration of the PC and notebook multimedia markets; our ability to secure sufficient foundry capacity in a timely manner; our ability to maintain existing customers
and attract new customers; and the expected growth of the mobile multimedia processor market. Further information regarding these and other risks is included in our annual report on Form 20-F filed with the Securities and Exchange Commission.
Vimicro does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of November 5, 2008, and Vimicro undertakes no duty to update such
information, except as required under applicable law.
Non-GAAP Measures
To
supplement the consolidated financial statements presented in accordance with GAAP, Vimicro uses non-GAAP measures of non-GAAP (loss)/income from operations, non-GAAP net (loss)/income and non-GAAP diluted net (loss)/income per ADS, which are
adjusted from the most directly comparable financial measures calculated and presented in accordance with GAAP to exclude amortization of share-based compensation expenses. These non-GAAP financial measures are provided to enhance investors
overall understanding of the companys financial performance as they exclude share-based expenses that are not expected to result in future cash payments. The non-GAAP measures should be considered in addition to results prepared in accordance
with GAAP, but should not be considered a substitute for or superior to GAAP results. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue
to be significant recurring expenses in our business for the foreseeable future. We compensate for these limitations by providing the relevant disclosure of our share-based compensation charges in our reconciliations to the GAAP measures. For more
information on the non-GAAP financial measures, please see the tables captioned Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures set forth at the end of this release.
Vimicro believes that both management and investors benefit from referring to these non-GAAP measures in assessing the performance of Vimicros liquidity and when
planning and forecasting future periods. These non-GAAP financial measures also facilitate managements internal comparisons to Vimicros historical liquidity. Vimicro computes its non-GAAP financial measures using the same consistent
method from quarter to quarter. The accompanying tables have more details on the GAAP financial measures that are most comparable to non-GAAP financial measures and the related reconciliations between financial measures.
Currency Translation
This announcement contains translations of
certain RMB amounts into U.S. dollars. Unless otherwise noted, all translations from RMB to U.S. dollars are based on the applicable exchange rate quoted by the Bank of China as of September 30, 2008, which was RMB 6.8183 to US$1.00.
For further information about Vimicro, please contact:
Investor Contacts:
Emilie Deng, Investor Relations Manager
Phone: (+8610) 6894.8888 x 7143
denglifan@vimicro.com
Shelton Group Investor Relations
Ryan Bright
Tel:+1-972.239.5119 ext. 159
Email: rbright@sheltongroup.com
Vimicro International Corporation
Consolidated Balance Sheets
(Amounts expressed in thousands of U.S. dollars, except number of share data)
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9/30/2008
(unaudited)
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12/31/2007
(audited)
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Assets
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Current assets:
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Cash and cash equivalents
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119,762
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116,958
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Accounts receivable, net
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6,128
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5,842
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Notes receivable
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297
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Inventories
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14,140
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13,443
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Prepayments and other current assets
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3,354
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2,898
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Deferred tax assets
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303
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283
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Total current assets
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143,687
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139,721
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Investment in an associate
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168
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157
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Property, equipment and software, net
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8,258
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8,249
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Land use rights
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7,388
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4,939
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Other assets
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968
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965
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Total assets
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160,469
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154,031
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Liabilities and Shareholders Equity
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Current liabilities:
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Accounts payable
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11,102
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7,853
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Taxes payable
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1,189
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1,226
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Advances from customers
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139
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154
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Due to an associate
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60
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60
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Accrued expenses and other current liabilities
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3,381
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3,510
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Deferred grants
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Total current liabilities
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15,871
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12,803
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Non-current liabilities:
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Deferred tax liabilities
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26
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26
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Total liabilities
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15,897
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12,829
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Commitments and contingencies
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Shareholders equity:
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Ordinary shares, $.0001 par value. 141,151,382 and 140,301,378 shares issued and outstanding as of September 30, 2008 and
December 31, 2007, respectively
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14
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14
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Additional paid-in capital
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140,862
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136,418
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Accumulated other comprehensive income
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9,625
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5,367
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Accumulated deficit
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(8,711
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)
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(3,379
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)
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Statutory reserve
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2,782
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2,782
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Total shareholders equity
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144,572
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141,202
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Total liabilities and shareholders equity
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160,469
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154,031
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Vimicro International Corporation
Consolidated Statements of Operations and Comprehensive Income
(Amounts expressed in thousands of U.S. dollars,
except number of share data)
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2008 Q3
(unaudited)
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2008 Q2
(unaudited)
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2007 Q3
(unaudited)
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Net revenue
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24,942
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23,145
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25,096
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Cost of revenue
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(16,760
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)
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(16,425
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)
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(17,301
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)
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Gross profit
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8,182
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6,720
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7,795
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Operating expenses*:
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Research and development, net
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(5,839
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)
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(4,840
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)
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(5,244
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)
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Selling and marketing
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(1,276
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)
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(1,108
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)
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(1,208
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)
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General and administrative
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(2,976
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)
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(2,777
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)
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(2,456
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)
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Loss from operations
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(1,909
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)
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(2,005
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)
|
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(1,113
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)
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Other income:
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Interest income
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593
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609
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1,009
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Others, net
|
|
262
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|
347
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|
|
373
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|
|
|
|
|
|
|
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(Loss)/ income before income taxes
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|
(1,054
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)
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(1,049
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)
|
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269
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Income taxes expense
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|
|
|
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(5
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)
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Net (loss)/ income before share of (loss)/gain of an associate
|
|
(1,054
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)
|
|
(1,049
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)
|
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264
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Share of (loss)/gain of an associate, net of tax
|
|
(1
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)
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|
|
|
|
1
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|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
|
|
(1,055
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)
|
|
(1,049
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)
|
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265
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Other comprehensive income:
|
|
|
|
|
|
|
|
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Foreign currency translation adjustment
|
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382
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|
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1,484
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|
|
665
|
|
|
|
|
|
|
|
|
|
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Comprehensive (loss)/ income
|
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(673
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)
|
|
435
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|
|
930
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|
|
|
|
|
|
|
|
|
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|
(Loss)/ income per share
|
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|
|
|
|
|
|
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|
-Basic
|
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(0.01
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)
|
|
(0.01
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)
|
|
0.00
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-Diluted
|
|
(0.01
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)
|
|
(0.01
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)
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0.00
|
|
|
|
|
|
|
|
|
|
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(Loss)/ income per ADS
|
|
|
|
|
|
|
|
|
|
-Basic
|
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(0.03
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)
|
|
(0.03
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)
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
-Diluted
|
|
(0.03
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)
|
|
(0.03
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)
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
140,944,218
|
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140,660,796
|
|
|
139,912,263
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|
|
|
|
|
|
|
|
|
|
|
-Diluted
|
|
140,944,218
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|
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140,660,796
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|
143,674,362
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|
|
|
|
|
|
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|
Weighted-average number of ADS outstanding
|
|
|
|
|
|
|
|
|
|
-Basic
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35,236,055
|
|
|
35,165,199
|
|
|
34,978,066
|
|
|
|
|
|
|
|
|
|
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|
-Diluted
|
|
35,236,055
|
|
|
35,165,199
|
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|
35,918,590
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|
|
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* Components of share-based compensation expenses are included in the following expense captions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
(567
|
)
|
|
(603
|
)
|
|
(849
|
)
|
Selling and marketing
|
|
(207
|
)
|
|
(208
|
)
|
|
(211
|
)
|
General and administrative
|
|
(574
|
)
|
|
(501
|
)
|
|
(592
|
)
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*)
(Amounts expressed in thousands of U.S. dollars, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2008
|
|
|
Three months ended
June 30, 2008
|
|
|
Three months ended
September 30, 2007
|
|
|
GAAP
Result
|
|
|
Adjustment
|
|
Non-GAAP
Results
|
|
|
GAAP
Result
|
|
|
Adjustment
|
|
Non-GAAP
Results
|
|
|
GAAP
Result
|
|
|
Adjustment
|
|
Non-GAAP
Results
|
(Loss)/ income from operations
|
|
(1,909
|
)
|
|
1,348
|
|
(561
|
)
|
|
(2,005
|
)
|
|
1,312
|
|
(693
|
)
|
|
(1,113
|
)
|
|
1,653
|
|
540
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
|
|
(1,055
|
)
|
|
1,348
|
|
293
|
|
|
(1,049
|
)
|
|
1,312
|
|
263
|
|
|
265
|
|
|
1,653
|
|
1,918
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss)/ income per ADS
|
|
(0.03
|
)
|
|
0.04
|
|
0.01
|
|
|
(0.03
|
)
|
|
0.04
|
|
0.01
|
|
|
0.01
|
|
|
0.04
|
|
0.05
|
(*)
|
The adjustment is to exclude non-cash for share-based compensation for employees and non-employees.
|
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